TPB professional status a step closer for AIOFP

Since making changes to its constitution in 2015 allowing individual practitioner members for the first time, the lobby group for the independently-owned advice sector has now reached a membership size of more than 500, allowing it to apply for professional status with the TPB.

Recognition by the TPB would allow the AIOFP to be accredited as a “tax agent, BAS agent or tax (financial) adviser association”, meaning its members may not have to undergo additional education and compliance requirements to register as a tax (financial) adviser under the TASA regime.

AIOFP executive director Peter Johnston says the milestone allows the association to take the next step towards becoming a publicly-recognised professional association.

“The AIOFP will be submitting its application to the TPB to be accredited as a ‘professional association’,” Mr Johnston explained in an email to members.

“Our principle hold-up to this point has been the prerequisite to have a minimum of 500 members. The AIOFP started out as the practice [or AFSL holder] being the member not the individual, hence our change to individual membership last year.

“Pleased to say we are now at this level but the next ‘hurdle’ is a complying code of conduct to complete the application requirements.”

Members of the AIOFP will be voting on a draft Code of Conduct at its upcoming annual general meeting and putting a proposal to the TPB by the April deadline.